Jun 14, 2012

A niche is a small, focused target market for one’s services that can be very beneficial to the business. It will help business to focus on clients and identify the services that one can offer. To develop deep expertise in a single area and "niching" will help one to raise business rates and create a successful one. But to maximize the benefits one must to make it sure that it is selecting a good niche. To niche well there are several things to consider like following:

Potential customers in the target market afford those services: If one is offering a high-ticket item to a target audience that doesn't have much money, then it has chances to run into trouble? Or if target audience doesn't control the buying decision or isn't authorized to meet the cost of product or service that can also lead to trouble. In these cases, one might explore packaging products in a more affordable way, creating payment options, or choosing a new targeted niche market that will be easier to sell to.

Put value to the products/services: Do they think that they use products/services? Even if target audience is able to afford products/services, they have to also feel that the products/services have value to them and that they need those products/services. If they think that products/services would not improve their lives or businesses, then they are unlikely to make the purchase. Likewise, if customers think that they can do it themselves, or that they don't have a need that services will fill, then they won't make a purchase.

Understand the products/services: If target audience doesn't understand what products/services do means if it's too technical for them to understand what one is selling or why they might want or need it then one will have a very tough time making any sales at all. Make sure that the target audience can at least be taught to understand products/services and the benefits they provide.

Find the people as target market: If one can't find the people who will make up the target audience, then they likely cannot find the offering. For example, the easier it is to find networking groups or mailing lists that have large populations of people in target market, the easier it will be to market to them by speaking at events and sending out direct mails to them.

Look at competing providers in niche: If so, is there enough market for one’s products/services? If the target one is marketing to is served by many other providers, then it might be difficult to capture enough market shares to sustain the business.

Is the niche within the abilities to deliver: Do one have experience serving this niche before or can one get that initial experience easily? Some ways to do this include through pro-bono work, discounts, or aligning with a professional organization to offer discounts to its members. One might also be able to read about the industry one is planning to market to, to learn more about the specific problems and challenges they face.

Is the niche enough to sustain one in the business: Are there enough potential customer companies or enough need in that industry that one plan to serve? If one chooses a very specific niche, one might find that there are just a few companies that one could serve. If that's the case, one might want to widen the niche. If niche fits these criteria, then it's likely that one have created a great niche, in which one will make more sales and grow the business.

Jun 9, 2012

This article explores the techniques and initiatives available to businesses which will enable them to develop and strengthen their brand, both in their niche market as well as generally.

Brand Development

Whether you are the CEO of a multinational corporation, owner of a small start-up business, or a self-employed trader, the identity and strength of your brand will undoubtedly be extremely important to you. Having a strong brand presence in every aspect, from quality products, to customer service and social responsibility, can help you truly stand out as a huge force in the business world. Brand development can truly help a business grow and transcend markets, offering huge opportunities for added value and growth across the organisation. A strong brand can be crucial for many reasons, including expansion, new product launches and seeking investment or venture capital.

Which are the top 3 ways you can aid your brand development and stand out from your competition?

Deliver Quality Every Time

This will appear quite an obvious one, but is an aspect that many businesses simply fail to deliver. Whether you are selling high end handbags or no frills food, the quality needs to be there to meet expectations and encourage repeat custom. We will explore advertising shortly, but no matter what your ad campaign says, the proof will be in the pudding. Travelodge do a great job of advertising rooms for £29 per night, yet struggle to deliver value even at such a low price!

Make Advertising Memorable

People know it’s Christmas when Coca-Cola say “Holidays Are Coming,” and this is probably the best advert on the planet for making people think of a specific time of year. Now we don’t all have the resources and clout of that company, but we can all make memorable adverts to get our customers hooked on our brand. Whether it’s a billboard, radio advert, or a simple flyer we post through the door, make it stand out and instantly relative to your brand.

Along with your advertising, ensure you have developed a tag line and a logo which makes you instantly recognisable. There are many marketing resources available online which will help you in coming up with brand defining tag lines and other advertising materials.

Get People To Care

This doesn’t mean you have to donate 50% of your profits to charity, but there are simple business practices which can help get people onside. Whether it is a standalone public relations campaign to raise awareness of your brand, or regular press releases to discuss your stance on current affairs, you can use both of these to boost your brand awareness. You don’t need to get involved in political debates, but you can deliver a great social responsibility program and let people know you stand for environmental protection and ending poverty, for example.

By carrying out these good branding practices, you will be putting your business in a prime position to remain successful and relevant for many years to come.

Guest post courtesy of DealMarket. Dealmarket is a recent start-up company that offers a more efficient and accessible private equity marketplace. It offers an extensive global private equity platform.